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July 9, 2017

Stocata S&P 500 Analysis: July 8, 2017.

Last week I wrote: "The past week shows rather high volatility. Thursday the index reached our expected first down target around 2400. At this level there is support from previous price levels, the 50-day moving average and the 61.8% Fibonacci retrace. That moved the index back up closing the week at 2423. I assume there will be some more pullback moving up the indicators towards their 50 levels but, I expect a further move down the coming two weeks in first instance to 2380. Please read my comments on the weekly chart and monthly chart for more information regarding the longer term view."

Monday there was a reaction up to 2440 but, Thursday the index went down once more to the previous low around 2405. Friday finally another up correction closed the week around the same level as the week before. Possibly the index will correct up a bit more before resuming the down move. The first target down is at 2390 once the support at 2405 is broken. Keep in mind that the Holiday season started so, price moves may be limited the coming weeks. Please read my comments on the weekly chart and monthly chart for more information regarding the longer term view.